DDM Analysis: A2B.AX

Valuation Snapshot

Stable Growth	$2.59 - $3.60	$3.10
Multi-Stage	$5.66 - $6.26	$5.95
Blended Fair Value	$4.53
Current Price	$2.14
Upside	111.46%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	-59.18%	-41.87%	0.00	0.00	0.00	0.08	0.08	0.14	0.20	0.20	0.20	0.26
YoY Growth	-	-	130.12%	23.88%	-99.31%	0.73%	-42.86%	-30.00%	0.00%	0.00%	-25.93%	-25.00%
Dividend Yield	-	-	0.10%	0.06%	0.04%	9.73%	4.40%	5.71%	7.74%	6.13%	5.35%	6.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	56.49
(-) Cash Dividends Paid (M)	6.06
(=) Cash Retained (M)	50.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.30	7.06	4.24
Cash Retained (M)	50.43	50.43	50.43
(-) Cash Required (M)	-11.30	-7.06	-4.24
(=) Excess Retained (M)	39.13	43.37	46.19
(/) Shares Outstanding (M)	123.08	123.08	123.08
(=) Excess Retained per Share	0.32	0.35	0.38
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.32	0.35	0.38
(=) Adjusted Dividend	0.37	0.40	0.42
WACC / Discount Rate	7.68%	7.68%	7.68%
Growth Rate	-5.68%	-4.68%	-3.68%
Fair Value	$2.59	$3.10	$3.60
Upside / Downside	21.13%	44.72%	68.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	56.49	53.85	51.33	48.93	46.64	44.46	45.79
Payout Ratio	10.73%	26.59%	42.44%	58.29%	74.15%	90.00%	92.50%
Projected Dividends (M)	6.06	14.32	21.78	28.52	34.58	40.01	42.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.68%	7.68%	7.68%
Growth Rate	-5.68%	-4.68%	-3.68%
Year 1 PV (M)	13.15	13.29	13.43
Year 2 PV (M)	18.39	18.79	19.18
Year 3 PV (M)	22.13	22.84	23.57
Year 4 PV (M)	24.66	25.72	26.81
Year 5 PV (M)	26.21	27.63	29.11
PV of Terminal Value (M)	592.39	624.46	657.91
Equity Value (M)	696.94	732.73	770.02
Shares Outstanding (M)	123.08	123.08	123.08
Fair Value	$5.66	$5.95	$6.26
Upside / Downside	164.61%	178.20%	192.35%

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A2B Australia Limited (A2B.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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